By Iroyin Yoruba Television
BEIJING, China — October 23, 2026
The Central Bank of Nigeria (CBN) is seeking ways to improve cross-border payments and strengthen banking connections between Nigeria and China following discussions with business leaders operating across the two economies.
The discussions took place at a business and financial roundtable convened by the CBN in Beijing on Wednesday, October 21. Participants examined practical obstacles affecting financial transactions, access to banking services and investment flows between the two countries.
CBN Governor Olayemi Cardoso said direct engagement with businesses would help the bank better understand the difficulties companies encounter when moving money and conducting commercial activities across the Nigeria–China corridor.
The meeting brought together financial-sector representatives, policymakers and business executives with experience operating in both markets. Among those involved were Nigeria’s ambassador to China, Abdulrahman Bello Dambazau; CBN Deputy Governor for Economic Policy Philip Ikeazor; Blue Diamond Group chairperson Festus Mbisiogu; and CIG Motors chairperson Diana Chen.
A major issue raised was the need for more efficient cross-border payment arrangements. Businesses engaged in international trade depend on reliable payment channels to settle invoices, pay suppliers, receive funds and manage their operating costs.
Delays, limited banking connections and difficulties accessing financial services can complicate these activities. Stronger links between financial institutions could help businesses move funds more efficiently and improve access to trade finance, although the practical benefits would depend on the arrangements eventually adopted.
Participants also discussed whether a greater Nigerian banking presence in China could improve financial connectivity. However, the CBN’s reported engagement did not announce the establishment of a new Nigerian bank branch, subsidiary or correspondent-banking arrangement in the country.
The discussions took place against the background of an existing currency-swap arrangement between Nigeria and China, which is intended to support eligible bilateral transactions using the naira and the yuan. Such arrangements can provide an alternative to routing certain transactions through a third currency, depending on participating institutions and applicable rules.
The roundtable also considered how Nigeria’s economic reforms and financial-market opportunities could attract investment. The CBN said insights gathered from businesses would inform continued engagement with financial institutions and regulatory counterparts.
Cardoso’s China programme included discussions with the People’s Bank of China and engagement with the leadership of the Industrial and Commercial Bank of China. The programme was also scheduled to extend to Guangzhou, where the CBN planned further discussions with Nigerian businesspeople about payment challenges, remittance channels and investment opportunities.
The outcome of these engagements could be important for companies importing goods, exporting products, investing across borders or maintaining commercial relationships in both countries. More accessible financial services could help reduce friction in legitimate transactions and make trade planning easier.
Nevertheless, the discussions should not be interpreted as confirmation that payment barriers have already been removed. The reported meeting focused on identifying problems and potential areas of cooperation; it did not disclose a new implementation timetable, a specific payment product or measurable reductions in transaction costs.
Further announcements from the CBN and participating financial institutions will be needed to establish whether the consultations lead to concrete changes.
For Nigerian businesses operating in China and Chinese firms trading with Nigeria, the central issue is whether stronger banking cooperation can translate into reliable, affordable and accessible ways to move money. The practical impact will become clearer as the authorities outline any resulting measures.